Teachers' completes acquisition of majority stake in Australian telecom
TORONTO, June 28, 2013
TORONTO, June 28, 2013 /PRNewswire/ - Ontario Teachers' Pension Plan
(Teachers') today announced it has completed the acquisition of approximately
70% of three Australian telecommunications companies from Leighton Holdings
The acquisition of Nextgen Networks, Metronode and Infoplex values 100% of
these businesses at A$885 million. Nextgen manages high-speed, carrier-grade
fibre network services; Metronode provides data centre and related value-added
services; and Infoplex provides cloud and ICT services.
The businesses have been brought together under a new ownership structure and
have been rebranded as the Nextgen Group. Leighton, based in Sydney, will
retain an approximately 30% ownership share in the Nextgen Group, which will
remain headquartered in Australia with existing management remaining in place.
This transaction was led by Teachers' Long-Term Equities group, which focuses
on direct investments with steady cash flow, growth potential over a long-term
horizon and a low to moderate level of risk.
With $129.5 billion in net assets as of December 31, 2012, the Ontario
Teachers' Pension Plan is the largest single-profession pension plan in
Canada. An independent organization, it invests the pension fund's assets and
administers the pensions of 303,000 active and retired teachers in Ontario.
For more information, including our 2012 and previous annual reports, visit
www.otpp.com. Follow us @OtppInfo
SOURCE Ontario Teachers' Pension Plan
Director, Communications and Media Relations
Ontario Teachers' Pension Plan
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